Sohar International Named ‘Best Government Bank 2024’

Muscat, Oman — Oman’s banking sector has hit a new milestone as Sohar International has been crowned the ‘Best Government Bank in Oman 2024’ by the renowned International Business Magazine. This prestigious accolade solidifies the bank’s reputation as a leading force in government banking services and reflects its unwavering support for Oman’s Vision 2040 economic agenda.

The award ceremony took place at the luxurious Atlantis, The Palm in Dubai, where financial leaders, regional and international banking officials, and prominent figures from the financial services industry gathered to celebrate excellence. Attending on behalf of Sohar International were Mr. Khalil Salim Al Hedaifi, Chief Government and Private Banking Officer, and Mr. Mazin Mahmood Al Raisi, Chief Marketing Officer, who accepted the award with pride.

Why Sohar International Won the Best Government Bank Award

Sohar International’s achievement as Oman’s Best Government Bank 2024 can be attributed to its strategic initiatives, bespoke financial solutions, and a forward-looking approach to government banking. Over the past few years, the bank has been recognized for its pivotal role in financing large-scale government projects, introducing tech-driven banking innovations, and fostering long-term partnerships with government entities.

Mr. Khalil Salim Al Hedaifi, Chief Government and Private Banking Officer, emphasized, “This award is a validation of our efforts as a strategic partner for Oman’s government. Our approach goes beyond traditional banking. We act as a catalyst for change, providing bespoke financial solutions that drive the nation’s mega-projects and help achieve Vision 2040. Our focus on sustainability, innovation, and operational efficiency enables us to deliver comprehensive banking services to government agencies.”

Sohar International’s Government Banking Division provides an integrated approach to banking for Oman’s public sector. Through a combination of traditional banking expertise and modern technological advancements, Sohar International delivers a range of services, including:

• Remittance Solutions: Facilitating seamless payments for domestic and international government transactions.

• Trade Finance: Enhancing the capacity of government entities to engage in global trade by providing better access to finance.

• Corporate Credit Cards: Offering customized credit card solutions to enable government departments to manage their expenses more efficiently.

• Digital Banking Services: Providing cutting-edge, AI-driven tools for real-time payment tracking, cash flow analysis, and seamless payment processing.

To further support Oman’s national growth strategy, Sohar International also partners with other financial institutions to finance large-scale projects. This collaborative approach enables the bank to facilitate multi-million-dollar infrastructure projects in critical sectors like oil and gas, shipping, and hospitality. By driving such essential development initiatives, Sohar International strengthens its role as a key partner in the Sultanate’s economic progress.

Driving Economic Growth Through Vision 2040

The Vision 2040 strategy aims to diversify Oman’s economy and reduce its reliance on oil revenues. Sohar International has taken a proactive role in this initiative, supporting the government’s drive for sustainability, innovation, and inclusive economic growth. The bank’s ability to finance large national projects positions it as a key partner for government institutions.

One major example of Sohar International’s role in supporting Vision 2040 is its active involvement in renewable energy projects and sustainable infrastructure development. By offering tailored financial services, the bank ensures timely project completion, efficient capital allocation, and enhanced liquidity for its government clients.

A significant driver behind Sohar International’s recognition as the Best Government Bank in Oman 2024 is its embrace of digital transformation and fintech-driven solutions. By implementing AI-based analytics and machine learning systems, Sohar International has streamlined its banking operations for government clients. These advancements have led to faster payments, smarter cash flow management, and more transparency for government entities.

Through sophisticated platforms and mobile banking applications, Sohar International enables real-time tracking of payments, advanced risk analysis, and efficient financing for government projects. The bank’s use of big data and AI has made it possible to identify patterns, forecast financial needs, and make data-driven decisions for public sector clients.

The ‘Best Government Bank in Oman 2024’ award adds to a growing list of accolades that Sohar International has secured this year. The bank’s industry leadership is reinforced by several prestigious recognitions, including:

• Bank of the Year 2024 – Oman by The Banker (Financial Times Group)

• Best Corporate Banking – Oman by Global Business Review Magazine Awards 2024

• Best Performing Company (Large Cap Category) at the Alam Al-Iktisaad Awards 2024

• Oman’s Best Bank at the Middle East Euromoney Awards for Excellence

• Digital Leadership in Banking at DX Oman 2024

• Best Mobile App Oman 2024

• Recognition at the Oman Banking & Finance Awards

• Most Innovative Digital Bank for Ecosystem Services by The Global Economics, UK

These accolades highlight Sohar International’s consistency in delivering banking innovation, corporate banking excellence, and top-tier digital services.

Another standout element of Sohar International’s strategy is its unwavering commitment to environmental, social, and governance (ESG) principles. The bank’s decision-making process emphasizes sustainable growth, community well-being, and good governance. Sohar International’s support for renewable energy projects and sustainable development initiatives is in line with Oman’s broader Vision 2040 goals.

The bank’s sustainable financing model enables the development of renewable energy projects, including solar and wind energy infrastructure. By funding these projects, Sohar International promotes energy efficiency, reduces Oman’s carbon footprint, and contributes to a greener future.

Sohar International has grown into a world-class financial institution with a vision to support Oman’s development through forward-thinking banking solutions. The bank’s operational philosophy revolves around three guiding principles:

• More Velocity: Speedy and efficient banking services designed to meet the fast-paced demands of modern banking.

• More Value: Tailored, customer-centric services that address the specific needs of clients, including government institutions.

• More Vision: Bold leadership and strategic foresight to promote Oman’s financial sector.

With a mission to help people “win” in the modern financial world, Sohar International continuously strives to deliver transformative banking services that empower communities, support economic growth, and drive sustainability.

With its status as Oman’s Best Government Bank 2024, Sohar International is poised to play a larger role in driving Oman’s economy forward. The bank’s future goals include expanding its digital banking footprint, deepening its ESG commitments, and supporting even more government-led infrastructure projects.

Through the use of AI-driven banking, blockchain technology, and sustainable finance, Sohar International is shaping the future of government banking in Oman. Its role as a trusted financial partner to the Omani government positions the bank as a cornerstone of the nation’s financial ecosystem.

Sohar International’s recognition as the Best Government Bank in Oman 2024 is a reflection of its enduring commitment to excellence, technological innovation, and sustainable finance. From supporting large government projects to introducing advanced fintech solutions, Sohar International continues to set the standard for government banking in Oman.

With its customer-centric approach, digital transformation efforts, and alignment with Oman’s Vision 2040, the bank’s influence on the country’s financial landscape will only grow stronger. As it maintains its position as a catalyst for Oman’s growth, Sohar International’s recognition as the Best Government Bank in Oman 2024 stands as a powerful testament to its leadership, innovation, and vision for a brighter, more prosperous future for the Sultanate of Oman.